Canon vs Johnson & Johnson: Revenue, Profit and Business Model
Canon reported ~$31B of revenue in FY2025 and ~$2.2B of net income. Johnson & Johnson reported $94.2B of revenue in FY2025 and $26.8B of net income.
Latest financial snapshot
Canon
- Latest revenue
- ~$31B (FY2025)
- Net income
- ~$2.2B
- Net margin
- 7.2%
- Revenue growth
- +3.5% a year, FY2016–FY2025
Johnson & Johnson
- Latest revenue
- $94.2B (FY2025)
- Net income
- $26.8B
- Net margin
- 28.5%
- Revenue growth
- +3.0% a year, FY2016–FY2025
Financial summary
Canon
Canon's sales fell from ~$27.3 billion (¥4,080.0 billion) in 2017, the first full year with Toshiba Medical, to ~$21.2 billion (¥3,160.2 billion) in 2020 as cameras and office printing shrank and the pandemic hit. They have grown every year since, reaching a record ~$31 billion (¥4,624.7 billion) in 2025 (+2.5%). Operating profit was ~$3.05 billion (¥455.4 billion) in 2025, a 9.8% margin, up from ~$1.87 billion (¥279.8 billion) in 2024, when a ~$1.11 billion (¥165.1 billion) goodwill impairment on the medical business cut net income to ~$1.07 billion (¥160.0 billion). Net income attributable to Canon Inc. more than doubled to ~$2.23 billion (¥332.1 billion) and EPS rose to ¥367.48. Canon paid a ¥160 dividend (42.9% payout), generated ~$1.6 billion (¥238.5 billion) of free cash flow and ended 2025 with ~$6.34 billion (¥946.2 billion) of interest-bearing debt, up from ~$4.45 billion (¥663.5 billion). By region, the Americas supplied 32% of 2025 sales, Europe 26%, Japan 21% and Asia and Oceania 21%. In July 2026, after record second-quarter sales, Canon guided to ~$32.2 billion (¥4,800.0 billion) of 2026 sales and ~$3.12 billion (¥465.0 billion) of operating profit.
Johnson & Johnson
J&J's sales grew from $85.2 billion in 2023 to $88.8 billion in 2024 and $94.2 billion in 2025, while FY2025 net earnings reached $26.8 billion. Q2 2026 sales were $25.31 billion (Innovative Medicine $16.38 billion, MedTech $8.93 billion), net earnings were $5.53 billion, adjusted EPS was $2.90, and first-half free cash flow was about $8.7 billion. Management guides 2026 sales of $100.8 to $101.4 billion and adjusted EPS of $11.60 to $11.75. The company has raised its dividend for more than 60 consecutive years, and its market value was roughly $644 billion in mid-September 2026.
Revenue and profit by year
Canon
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$31B | ~$2.2B | 7.2% | +2.5% | Source |
| FY2024 | ~$30.2B | ~$1.1B | 3.5% | +7.9% | Source |
| FY2023 | ~$28B | ~$1.8B | 6.3% | +3.7% | Source |
| FY2022 | ~$27B | ~$1.6B | 6.1% | +14.7% | Source |
| FY2021 | ~$23.5B | ~$1.4B | 6.1% | +11.2% | Source |
| FY2020 | ~$21.2B | ~$558.2M | 2.6% | -12.1% | Source |
| FY2019 | ~$24.1B | ~$837.3M | 3.5% | -9.1% | Source |
| FY2018 | ~$26.5B | ~$1.7B | 6.4% | -3.1% | Source |
| FY2017 | ~$27.3B | ~$1.6B | 5.9% | +19.9% | Source |
| FY2016 | ~$22.8B | ~$1B | 4.4% | — | Source |
Johnson & Johnson
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $94.2B | $26.8B | 28.5% | +6.0% | Source |
| FY2024 | $88.8B | $14.1B | 15.8% | +4.3% | Source |
| FY2023 | $85.2B | $35.2B | 41.3% | +6.5% | Source |
| FY2022 | $80B | $17.9B | 22.4% | +1.6% | Source |
| FY2021 | $78.7B | $20.9B | 26.5% | -4.7% | Source |
| FY2020 | $82.6B | $14.7B | 17.8% | +0.6% | Source |
| FY2019 | $82.1B | $15.1B | 18.4% | +0.6% | Source |
| FY2018 | $81.6B | $15.3B | 18.8% | +6.7% | Source |
| FY2017 | $76.5B | $1.3B | 1.7% | +6.3% | Source |
| FY2016 | $71.9B | $16.5B | 23.0% | — | Source |
Where the revenue comes from
Canon
- Printing54%
Office multifunction devices, prosumer laser and inkjet printers and production presses, with recurring toner, ink and service revenue. ~$16.7 billion (¥2,494.4 billion) in 2025.
- Imaging23%
Cameras and lenses (~$4.19 billion (¥625.5 billion)) and network cameras and video software (~$2.88 billion (¥429.4 billion)). ~$7.07 billion (¥1,054.9 billion) in 2025.
- Medical13%
CT, MRI, ultrasound and X-ray equipment and service. ~$3.89 billion (¥580.6 billion) in 2025.
- Industrial8%
Semiconductor and flat-panel lithography, nanoimprint, OLED deposition and sputtering equipment. ~$2.42 billion (¥361.1 billion) in 2025.
- Others & Corporate5%
Other businesses and corporate items, ~$1.59 billion (¥237.1 billion) in 2025, before eliminations of intersegment sales.
Johnson & Johnson
- Innovative Medicine~64%
Innovative Medicine generated $60.401 billion in FY2025 sales across oncology, immunology, neuroscience, pulmonary hypertension, infectious disease, and cardiovascular/metabolism.
- MedTech~36%
MedTech generated $33.792 billion in FY2025 sales across surgery, orthopaedics, cardiovascular, and vision products.
Business model and strategy
Canon
How it makes money
Canon designs, builds and sells hardware, then earns recurring revenue from consumables, service contracts and software on the installed base.
Growth strategy
Phase VII sets 2030 sales targets for each unit: Printing ~$18.8 billion (¥2.8 trillion) (about 2% a year), Imaging ~$8.98 billion (¥1.34 trillion) (5%), Medical ~$5.03 billion (¥750 billion) (5%) and Industrial ~$4.02 billion (¥600 billion) (10%). Growth products named in the plan are nanoimprint lithography, photon-counting CT and industrial printing equipment.
Competitive advantage
Canon's edge is vertical integration in optics and imaging. It designs its own lenses, CMOS image sensors, print engines and image-processing chips, and builds much of its own production equipment. That depth shows in its patent output (seventh in U.S. patent grants in 2025 and in the top 10 for 42 straight years, according to IFI Claims) and in a camera business that has held the No.
Johnson & Johnson
How it makes money
J&J makes money in two ways. Innovative Medicine (about 64% of FY2025 sales, $60.4 billion) sells patented prescription medicines to wholesalers, specialty pharmacies, hospitals, and governments; key products include DARZALEX for multiple myeloma, TREMFYA and STELARA in immunology, ERLEADA in prostate cancer, CARVYKTI cell therapy, and CAPLYTA, added through the 2025 Intra-Cellular Therapies deal.
Growth strategy
J&J is narrowing its portfolio toward higher-growth areas. It spun off consumer health as Kenvue in 2023, announced in October 2025 that it will separate its orthopaedics business as DePuy Synthes, and used acquisitions to refill its pipeline: Abiomed ($16.6 billion, 2022), Shockwave Medical ($13.1 billion, 2024), and Intra-Cellular Therapies ($14.6 billion, 2025).
Competitive advantage
J&J's edge is breadth plus balance-sheet strength. It runs one of the largest pharmaceutical R&D budgets in the industry, holds a AAA credit rating from S&P (one of only two US companies with that rating, alongside Microsoft), and sells into hospitals across pharmaceuticals and devices at the same time.
Questions about Canon vs Johnson & Johnson
Which company has higher revenue — Canon Inc. or Johnson & Johnson?
Canon Inc. reported ~$31B (FY2025), while Johnson & Johnson reported $94.2B (FY2025). By last reported revenue, Johnson & Johnson is the larger business, with Canon Inc. reporting a smaller revenue base.
What is the market cap of Canon Inc. vs Johnson & Johnson?
Canon Inc.'s market capitalisation stands at $25.6B, while Johnson & Johnson's is $643.9B. Johnson & Johnson carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Canon Inc..
Which is more financially efficient — Canon Inc. or Johnson & Johnson?
Canon Inc. generates $187k / employee in revenue per employee, while Johnson & Johnson generates $669k / employee. Johnson & Johnson shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Canon Inc. and Johnson & Johnson make money?
Canon Inc. and Johnson & Johnson generate revenue in fundamentally different ways. Canon Inc.: Canon designs, builds and sells hardware, then earns recurring revenue from consumables, service contracts and software on the installed base. Johnson & Johnson: J&J makes money in two ways.
Which company is valued higher relative to revenue — Canon Inc. or Johnson & Johnson?
On a price-to-sales (P/S) basis, Canon Inc. trades at 0.8x P/S and Johnson & Johnson at 6.8x P/S. Johnson & Johnson commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Canon Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Canon Inc. bigger than Johnson & Johnson?
By last reported revenue, Johnson & Johnson ($94.2B (FY2025)) is the larger company compared to Canon Inc. (~$31B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Canon vs Johnson & Johnson overview